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ArcelorMittal S.A., headquartered in Luxembourg City, is a Luxembourgian multinational steel manufacturing corporation established in 2006 through the merger of Arcelor and Indian-owned Mittal Steel. As one of the world's leading integrated steel and mining companies, ArcelorMittal operates across 60 countries with primary steelmaking facilities in 15 countries.
The company's operational segments include NAFTA, Brazil, Europe, ACIS (Africa, CIS, and other countries), and Mining. It derives the majority of its revenue from the Europe segment, which specializes in manufacturing and selling hot-rolled coil, cold-rolled coil, coated products, tinplate, plate, and slabs. The products cater to sectors such as automotive, general industry, and packaging. Additionally, the segment produces long products like sections, wire rods, rebar, billets, blooms, wire drawing, and tubular products. Geographically, the United States contributes significantly to its revenue.
ArcelorMittal has recently announced its fourth quarter and full year 2023 sell-side analysts' consensus figures, highlighting a calculated collective outlook based on analysts' estimates. The consensus, managed by Visible Alpha, includes the impact of the sale of the Company’s Kazakhstan operations to the Qazaqstan Investment Corporation, effective December 7, 2023. Additionally, due to revisions in the expected future cash flows of Acciaierie d'Italia (ADI), the company anticipates fully impairing its investment in ADI, reflecting in the fourth-quarter results.
Financially, ArcelorMittal reported an EBITDA of $7.6 billion for FY 2023 and a free cash flow of $2.9 billion. The net income for the same period stands at $0.9 billion, impacted by non-cash, non-recurring items like the $2.4 billion effect of the Kazakhstan operations' disposal and a $1.4 billion impairment on ADI. Despite these challenges, the company maintains a robust financial position with a net debt of $2.9 billion as of the end of 2023 and liquidity of $13.2 billion.
In terms of growth and sustainability, ArcelorMittal is advancing several strategic projects, including substantial investments in low carbon steel production and renewable energy infrastructure. The company is committed to reducing its carbon footprint through innovative processes that use less energy and emit significantly less carbon. Their XCarb® recycled and renewably produced steel is set to feature prominently in the Paris Olympics, marking a significant step in their decarbonization strategy.
ArcelorMittal's financial strength is reinforced by its share repurchase programs, which have reduced the fully diluted shares outstanding by 33% since September 2020. Furthermore, the company has a diverse investment portfolio, including significant strategic joint ventures like AMNS India and Calvert in North America.
Looking ahead, ArcelorMittal remains positive about medium to long-term steel demand, anticipating a growth in apparent steel consumption globally. The company continues to prioritize safety, having commissioned a comprehensive independent safety audit to enhance its operational protocols and culture.
ArcelorMittal is listed on stock exchanges in New York, Amsterdam, Paris, Luxembourg, and Madrid under the symbol MT.
ArcelorMittal has completed the acquisition of Companhia Siderúrgica do Pecém (CSP) in Brazil for approximately $2.2 billion, following necessary regulatory approvals. CSP is a state-of-the-art facility with a capacity of three million tonnes, strategically located near the Port of Pecém. The acquisition is expected to deliver significant operational and financial synergies, alongside prospects for future expansions in steelmaking and green hydrogen initiatives. CEO Aditya Mittal emphasized the strategic importance of this acquisition, highlighting potential growth in the North and South American markets and pathways for decarbonization.
ArcelorMittal has released its annual report for 2022, detailing significant financial figures. The company reported revenues of $79.8 billion and produced 59 million metric tonnes of crude steel, alongside 50.9 million metric tonnes of iron ore. The report emphasizes ArcelorMittal's commitment to advancing sustainable steel production and supporting industries such as electric vehicles and renewable energy. This information is now available on the Luxembourg Stock Exchange and the company's corporate website.
On March 8, 2023, ArcelorMittal filed its Annual Report 2022 on Form 20-F with the U.S. Securities and Exchange Commission (SEC). The report highlights revenues of $79.8 billion, crude steel production of 59 million metric tonnes, and iron ore production of 50.9 million metric tonnes for 2022. Shareholders can request a hard copy of the report, which includes audited financial statements, free of charge. ArcelorMittal operates in 60 countries and emphasizes producing environmentally friendly steel for electric vehicles and renewable energy. The report is available online for public access.
ArcelorMittal (MT) reported its financial results for FY 2022, showing a significant decline in operating income to $10.3 billion from $17.0 billion in FY 2021, alongside an adjusted net income of $10.6 billion compared to $14.9 billion in the prior year. The company generated $6.4 billion in free cash flow and maintained a low net debt of $2.2 billion. Despite a 11.2% drop in steel shipments to 55.9 million metric tonnes, revenues rose to $79.8 billion due to increased average steel prices. Looking ahead, ArcelorMittal expects global steel consumption to grow by 2-3% in 2023 and aims for a 5% increase in its shipments. Shareholders can anticipate a proposed increase in the annual base dividend to $0.44 per share.
On January 27, 2023, ArcelorMittal disclosed its fourth quarter 2022 sell-side analysts’ consensus figures. Analysts from a group of ten brokers forecast an EBITDA of $1,257 million, a net income of $358 million, and earnings per share of $0.38. These estimates were compiled via an independent tool managed by Visible Alpha, which has no affiliation or responsibility for the accuracy of the data. The company reiterated that it does not influence the forecasts made by third-party analysts. Furthermore, ArcelorMittal continues to provide updated information on its share buyback operations on its website.
ArcelorMittal announces a significant investment of $36 million in Boston Metal, marking the largest initial investment through its XCarb® Innovation Fund. This investment leads a $120 million Series C funding round for Boston Metal, which focuses on revolutionizing the steel industry with its patented Molten Oxide Electrolysis (MOE) technology. This innovative process aims to produce CO2-free molten steel efficiently. ArcelorMittal’s XCarb Fund has now backed six companies targeting decarbonization, with a total commitment of $100 million to Breakthrough Energy’s Catalyst program.
Boston Metal has closed the first round of its Series C fundraising, securing $120 million to enhance green steel production and support the construction of its commercial plant in Brazil. Notable investors include ArcelorMittal (NYSE: MT), alongside Microsoft's Climate Innovation Fund and SiteGround Capital. The funds will aid the expansion of the company's Molten Oxide Electrolysis (MOE) technology, aimed at producing zero-emission steel and high-value metals. This technology could significantly cut carbon emissions in steel production, an industry responsible for about 10% of global emissions, aligning with the industry's goal to achieve net zero by 2050.
ArcelorMittal has inaugurated a €200 million carbon capture and utilization (CCU) plant named 'Steelanol' in Ghent, Belgium, marking a first in the European steel industry. This plant will produce 80 million liters of advanced ethanol, significantly reducing carbon emissions by 125,000 tonnes annually. The Steelanol project is part of a broader strategy to achieve a 35% reduction in carbon intensity across European operations by 2030. Collaborating with key partners, ArcelorMittal aims to lead decarbonization efforts in the steel sector and contribute to a circular economy.
ArcelorMittal has announced its acquisition of Riwald Recycling, a leading ferrous scrap metal recycling company based in the Netherlands. The deal, signed on December 5, 2022, is pending regulatory approval and is expected to close by the end of January 2023. Riwald, established in 1989, processed over 330,000 tonnes of scrap metal in 2021 and operates certified recycling yards with direct port access. This acquisition marks ArcelorMittal's third metal recycling purchase in 2022, reinforcing its commitment to sustainability and reducing carbon intensity in steel production by 35% by 2030.
On December 2, 2022, ArcelorMittal announced its financial calendar for 2023. Key earnings results announcements are scheduled for: February 9, 2023 (Q4 and full year 2022), May 4, 2023 (Q1 2023), July 27, 2023 (Q2 and half year 2023), and November 9, 2023 (Q3 2023). The Annual General Meeting of Shareholders will be held on May 2, 2023. In 2021, ArcelorMittal reported revenues of $76.6 billion and crude steel production of 69.1 million metric tonnes.
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